影響首發股利時機及股利型態之因子探討

In practice, the company’s first announcement of dividends (DI) shortly after the listing (IPO) may result in the ex-dividend sunset during the lock-up period, and these decisions may violate the purpose of the lock-up period. The design of the lock-up period is to prevent the major shareholders of the listed company from selling off their shares in the market and harming the interests of investors. In this study, we study the following questions: 1. What are the decisive factors affecting the timing of the dividend initiation? 2. Is the dividend initiation decision related to the company's subsequent seasoned equity offering (SEO) activities? 3. Is the dividend initiation decision related to the ownership held by institutional investors? From all the empirical analysis we conducted, the effect on the declaration of DI is positive, which is consistent with other empirical studies. The market reaction for the sample of higher dividend yields was higher than the sample with lower dividend yields. We proposed three main determinants related to DI decision-making: seasoned equity offering, the likelihood of seasoned equity offering, and the inadequate ownership of institutional investors. The existing literature finds that the decision to initiate dividends for the first time is highly correlated with the probability of SEO and the inadequate of institutional ownership. Our analysis results are quite different from the previous literature research. The institutional investors' shareholding level is higher than the expected level before DI, and then gradually declines. This phenomenon is inconsistent with the phenomena found in other studies.